Can Money Buy Happiness? What Science and Judaism Say About Wealth

“Money can't buy happiness,” as the familiar saying goes. But the truth is more complicated. While money cannot replace faith, meaningful relationships, or a sense of purpose, financial security can significantly influence our quality of life.

Poverty carries a substantial psychological burden. According to psychologist Dr. Kanchana Wijesekera, chronic financial stress leaves people with less time and energy to invest in their personal well-being and is associated with a greater risk of mental health problems. This does not mean that people living in poverty cannot be happy, but achieving happiness under such circumstances can be considerably more challenging.

Society also shapes our perceptions of wealth. Consumer culture reinforces the idea that acquiring more possessions leads to greater satisfaction. We convince ourselves that a new car, a larger home, or a better-paying job will finally make us happy. Yet the satisfaction that comes from these achievements often proves temporary, leaving us searching for the next thing.

What Does Research Say About Money and Happiness?

Research suggests that financial security and happiness are connected. Higher incomes can make it easier to cope with unexpected hardships, such as illness or divorce, and the relationship between income and well-being is particularly strong in societies where financial instability is widespread.

A 2023 study found that happiness can continue to increase as income rises, rather than reaching a universal plateau at a particular income level. Earlier research suggested an annual income threshold of approximately $75,000 to $100,000, beyond which additional earnings provide diminishing emotional benefits. The findings highlight an important distinction: For someone struggling to cover basic necessities, a salary increase can dramatically improve daily life, while someone already living comfortably may experience a smaller benefit.

However, earning more is not always worth the personal cost. A lucrative but emotionally exhausting job can lead to burnout, particularly when professional demands interfere with health, relationships, and personal fulfillment.

Perhaps the greatest benefit of financial security is the freedom it provides from constant worry. When people no longer need to fear every unexpected expense, they can devote more attention to family, hobbies, community involvement, and other meaningful pursuits.

As psychotherapist Christine Anderson explains, money itself is not a direct source of happiness. Rather, the security it provides can create a stable environment in which mental well-being has an opportunity to flourish.

What Does Judaism Say About Wealth and Happiness?

Judaism acknowledges the importance of material security while challenging the assumption that accumulating wealth is the key to happiness. The Mishnah asks, “Who is wealthy? One who is satisfied with his portion” (Pirkei Avot 4:1). According to this teaching, true wealth is not measured by the amount of money a person possesses, but by the ability to appreciate what one already has.

Rabbi Akiva offered another perspective, describing a wealthy person as someone whose wife is beautiful in her deeds. His definition emphasizes the value of good character and a meaningful marriage over material possessions.

Jewish sources also recognize the human tendency to pursue wealth endlessly. King Solomon declares, “One who loves money will never be satisfied with money” (Ecclesiastes 5:9). When accumulating wealth becomes a person's central ambition, satisfaction remains perpetually out of reach. Each achievement creates new expectations, and the desire for more becomes an endless pursuit.

Pirkei Avot (2:7) expresses a related idea: “The more possessions, the more worry.” Wealth can introduce new responsibilities and anxieties, from protecting assets against theft and financial losses to managing investments and maintaining one's standard of living.

Together, these teachings suggest that wealth can become a source of anxiety when acquiring and preserving it takes precedence over appreciating what one already possesses.

Is Poverty Preferable?

Judaism does not romanticize poverty or suggest that financial hardship is a desirable path to happiness. The Talmud (Nedarim 64b) lists a person living in poverty among four categories of people who are considered as though they are dead, emphasizing the profound suffering and limitations that severe deprivation can impose.

Similarly, Pirkei Avot (3:17) teaches, “If there is no flour, there is no Torah.” The message is that physical needs cannot simply be ignored in the pursuit of spiritual growth. Food, shelter, and basic financial stability provide the foundation that allows individuals to devote themselves to Torah study, contemplation, and meaningful spiritual pursuits.

It is exceedingly difficult to concentrate on higher aspirations when one is hungry or overwhelmed by financial distress. Material well-being is not the ultimate purpose of life, but it can provide the stability necessary to pursue that purpose.

The Jewish perspective is therefore not that money is inherently good or bad. Its value depends on the role it plays in a person's life: whether it serves as a tool for meeting genuine needs and fulfilling responsibilities, or becomes an endless pursuit that overshadows everything else.

How Can We Cultivate Happiness Without Wealth?

Although financial circumstances influence well-being, many meaningful sources of happiness remain accessible regardless of income.

Invest in positive relationships. Research consistently links social support with greater happiness. Spending meaningful time with family, maintaining friendships, and participating in community life can strengthen emotional security and provide a sense of belonging.

Develop a sense of meaning and purpose. Hobbies, volunteering, learning new skills, and pursuing activities that reflect personal values can make everyday life more fulfilling. A sense of purpose helps people recognize that their lives have significance beyond their financial circumstances.

Practice gratitude. Taking a few moments each day to identify three positive experiences or things to be thankful for can shift attention away from what is missing and toward what is already present. Keeping a daily gratitude journal is one simple way to develop this habit.

Spend time outdoors. A 20-minute walk outside can help reduce stress and support physical and emotional well-being. Time in nature may contribute to lower heart rate, blood pressure, and levels of cortisol, a hormone associated with stress.

Help others. Offering assistance to neighbors, supporting family members, visiting elderly people, or helping someone in need can bring fulfillment to both the giver and the recipient. Acts of kindness, or chesed, strengthen human connections and provide a sense of meaning that cannot be measured financially.

Ultimately, financial security can relieve hardship and create opportunities, but how we use those opportunities matters just as much. As Jewish wisdom reminds us, true wealth is not simply a matter of having more, but of recognizing the value of what we already have.